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10 Mar 2014
NZD/USD ends flat, hovering around 0.8470
FXStreet (Córdoba) - The NZD/USD finished flat on Monday, trading around 0.8470. During the American session the pair bottomed at 0.8439 but rebounded and rose erasing losses. Ahead of the Asian session remains trading quiet in a small range with resistance at 0.8475 and support around 0.8440.
Outlook for the NZD/USD
The pair rose to levels not seen since October last week and continues to hold a bullish bias since it started to rally late in February. But the upside is facing a strong resistance around 0.8500 and 0.8550 where october highs lie. If the pair breaks higher it would be trading at the highest level in almost a year.
On Thursday in New Zealand (at the same time Wall Street closes the Wednesday session) the central bank will announce its decision on monetary policy and a rate hike seems probable. Whatever it decides, the RBNZ is likely to have a strong impact on the Kiwi. During the previous days speculation about the possible outcome could dominate the direction of the NZD/USD.
Outlook for the NZD/USD
The pair rose to levels not seen since October last week and continues to hold a bullish bias since it started to rally late in February. But the upside is facing a strong resistance around 0.8500 and 0.8550 where october highs lie. If the pair breaks higher it would be trading at the highest level in almost a year.
On Thursday in New Zealand (at the same time Wall Street closes the Wednesday session) the central bank will announce its decision on monetary policy and a rate hike seems probable. Whatever it decides, the RBNZ is likely to have a strong impact on the Kiwi. During the previous days speculation about the possible outcome could dominate the direction of the NZD/USD.